What Does Personal Liability Insurance Cover?
Personal Liability insurance is about protecting your family’s financial future.
Personal Liability protection comes from your Homeowner’s, Coop or Condo, or Renter’s Insurance policy. It will provide coverage for both bodily injury and property damage sustained by others for which you or residents of your household are legally responsible.
Most carriers will offer up to $1,000,000 of Personal Liability. Make sure your policy provides that amount.
Personal Liability Insurance Coverages will include:
• Personal Injury
• Legal defense costs and settlements
• No-fault medical payments to others – a method to settle an injury claim without a lawsuit
• Property damage to others where you (or a member of the household) are being held responsible
• Voluntary property damage claims – ie. (your tree falls on the neighbors’ fence during a storm causing damage, or if your kids throw their ball at a neighbors window and break it)
• The harm caused by your pets – (ie. Dog bites or property damage)
Depending on the insurance carrier, your policy might offer worldwide protection or might have limitations.
No one plans for accidents. However, if a neighbor slips on your icy steps while bringing you a casserole or someone gets injured at a party in your home, you may be responsible for paying for their medical bills or loss of income.
Who Needs Personal Liability Insurance?
If your negligence leads to an accident that hurts someone, how will it impact you and your net worth? Would your retirement be in jeopardy?
If you are an adult living on your own, you need Personal Liability Insurance. Since your homeowners or renters policy will only offer up to $1,000,000 of coverage, most people will also purchase an Excess Liability or Umbrella policy for additional protection.
Personal liability coverage protects you from paying legal bills out of pocket. Your responsibility for paying these costs can extend well into the future. If you don’t have the means to pay now, your wages could be garnished, and future assets can be affected.
Contact me to make sure that you have adequate personal liability coverage. I’ll help you determine the proper levels to carry on your homeowners, renters or condo insurance too.